Climate Real Impact Solutions II Acquisition Corporation Announces Pricing of $210 Million Initial Public Offering

Rhea-AI Summary

Climate Real Impact Solutions II Acquisition Corporation announced the pricing of its initial public offering (IPO) of 21,000,000 units at $10.00 each, expected to trade on the NYSE under symbol CLIM.U starting January 27, 2021. Each unit includes one share of Class A common stock and one-fifth of a redeemable warrant, with the whole warrant priced at $11.50 per share. The company aims to pursue business combinations in the climate sector. Barclays and BofA Securities are joint book-running managers, with underwriters granted a 45-day option to purchase an additional 3,150,000 units.

Positive

• The IPO of 21,000,000 units at $10.00 each indicates strong market interest.
• Focus on climate sector enables potential long-term growth opportunities.

Negative

• There are no guarantees that the IPO will close as planned.
• The company may face challenges in identifying suitable business combinations.

Climate Real Impact Solutions II Acquisition Corporation (the “Company”) today announced the pricing of its initial public offering of 21,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the New York Stock Exchange under the ticker symbol “CLIM.U” beginning January 27, 2021. Each unit consists of one share of the Company’s Class A common stock and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the New York Stock Exchange under the symbols ‘‘CLIM” and ‘‘CLIM WS,’’ respectively.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on businesses in the climate sector.

Barclays and BofA Securities are acting as joint book-running managers. The Company has granted the underwriters a 45-day option to purchase up to 3,150,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888) 603-5847, Email: barclaysprospectus@broadridge.com; and BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com.

A registration statement relating to the securities became effective on January 26, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is expected to close on January 29, 2021, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the Company’s plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210126006124/en/

FAQ

What is the purpose of Climate Real Impact Solutions II Acquisition Corporation's IPO?

The IPO aims to raise capital for potential mergers or acquisitions in the climate sector.

When will Climate Real Impact Solutions II Acquisition Corporation start trading on the NYSE?

Trading is expected to begin on January 27, 2021, under the ticker symbol CLIM.U.

What does each unit in the IPO consist of?

Each unit consists of one share of Class A common stock and one-fifth of one redeemable warrant.

What is the expected price of the redeemable warrant for Climate Real Impact Solutions II Acquisition Corporation?

Each whole warrant entitles the holder to purchase one share of Class A common stock at $11.50.

Who are the underwriters of Climate Real Impact Solutions II Acquisition Corporation's IPO?

Barclays and BofA Securities are serving as joint book-running managers for the IPO.